Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • World Bank Places Nigeria Behind Libya, Gabon In Income Rankings
    • We Sleep With 20 Men Daily – Trafficked Victim Rescued From Katsina Hotel
    • Flood: Jigawa Govt Earmarks N4.2bn For Emergency Response
    • The Subsidy Windfall: A Missed Opportunity To Build Human Capital In Northern Nigeria? – By Murtala Adogi Mohammed
    • DONE DEAL: Super Eagles’ Forward, Osimhen Tells Napoli To Finalise Galatasaray Transfer
    • PSG Beat Real Madrid 4-0 To Set Up Chelsea Final In Club World Cup
    • Hospitals Dark As Israel Unleashes New Wave Of Heavy Air Raids On Gaza
    • South Korea Issues Arrest Warrant For Ex-President, Yoon Suk
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      World Bank Places Nigeria Behind Libya, Gabon In Income Rankings

      July 10, 2025

      We Sleep With 20 Men Daily – Trafficked Victim Rescued From Katsina Hotel

      July 10, 2025

      Flood: Jigawa Govt Earmarks N4.2bn For Emergency Response

      July 10, 2025

      We Uncovered ‘Mind-Boggling’ Corruption In NNPCL, Asset Tracing Leads To Iceland – EFCC Chairman

      July 9, 2025

      Ex-SGF Says Tinubu Didn’t Make Buhari President In 2015′, Garba Shehu’s Book Launch Sparks Historical Clarification

      July 9, 2025
    • COLUMN

      There Is Pain Behind That Smile. Just Do Your Bit – By Dr Hassan Gimba

      July 6, 2025

      What Can Nigeria Learn From China’s Electricity Revolution? – By Dr Dakuku Peterside

      July 6, 2025

      Amaechi: Nigerian Politicians And Doublespeak – By Kazeem Akintunde

      July 6, 2025

      Remembering ‘Watergate Scandal’ And Danger Of Crippling Opposition – By Martins Oloja

      July 6, 2025

      Don’t Kill Yourself Because He’s Cheating – By Funke Egbemode

      July 6, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Hospitals Dark As Israel Unleashes New Wave Of Heavy Air Raids On Gaza

      July 10, 2025

      South Korea Issues Arrest Warrant For Ex-President, Yoon Suk

      July 10, 2025

      UK Threatens Further Action Against Israel If Gaza Ceasefire Proposal Fails

      July 8, 2025

      Texas Flood Death Toll Passes 100 As More Bodies Recovered

      July 8, 2025

      Iran President, Masoud Pezeshkian Says Israel Attempted To Assassinate Him

      July 7, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      DONE DEAL: Super Eagles’ Forward, Osimhen Tells Napoli To Finalise Galatasaray Transfer

      July 10, 2025

      PSG Beat Real Madrid 4-0 To Set Up Chelsea Final In Club World Cup

      July 10, 2025

      Ahmed Musa Denies Distributing SUVs To Kano Pillars Players

      July 8, 2025

      Joao Pedro Shines As Chelsea Beat Fluminense To Reach Club World Cup Final

      July 8, 2025

      WAFCON: Babajide Pays Tribute To Jota After Scoring In Falcons’ Victory Over Tunisia

      July 7, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - FG Seeks Fresh $400m Loan To Fund Cash Transfer To 15 Million Households

    FG Seeks Fresh $400m Loan To Fund Cash Transfer To 15 Million Households

    By Abdullahi Maitama SaniOctober 15, 2023
    Tinubu and Ministers 2

    THE Federal Government has approached the World Bank for a fresh loan of $400m for the conditional cash transfer to 15 million households as one of the measures to cushion the effects of petrol subsidy removal on Nigerians.

    The $400m will bring to $1.2bn the amount that the Federal Government is borrowing from the World Bank for the cash transfer as it had earlier secured a loan of $800m for the same purpose.

    President Bola Tinubu announced the conditional cash transfer to 15 million households in a nationwide address to commemorate the country’s independence on October 1 as part of measures to cushion the effects of the subsidy removal on petrol, which has led to an astronomic rise in the cost of living.

    UBA

    He also announced that the Federal Government would commence the payment of N25,000 monthly to 15 million households for three months from October to December 2023.

    The immediate past administration of President Muhammadu Buhari had secured $800m from the International Bank for Reconstruction and Development (World Bank) to provide post-petroleum subsidy palliatives for over 50 million Nigerians. The loan was meant to be accessed by the succeeding administration.

    WIDGET ADS

    In his October 1 broadcast, President Tinubu also announced the approval of N25,000 provisional allowance for junior federal workers over the next six months.

    He said the approval followed negotiations with labour unions and other stakeholders in the business community to increase the federal minimum wage without triggering undue inflation.

    Thomas Sankara African Leadership Prize

    “For the next six months, the average low-grade worker shall receive an additional N25,000 per month,” the President stated.

    However, following protests about the exclusion of other categories of workers and pensioners and the threat by the organised labour to embark on a nationwide strike, the government announced N35,000 provisional wage award for all treasury-paid Federal Government workers for six months following further consultations with the leadership of the Nigeria Labour Congress and the Trade Union Congress.

    Nigerian TAX Reform - Federal Goverment

    A top government official, who spoke on condition of anonymity because of the sensitive nature of the issue, told this newspaper that the Tinubu administration would fund the N35,000 cash award to civil servants by sending a supplementary appropriation bill to the National Assembly.

    The source stated, “The government is funding the N35,000 wage increase for all federal civil servants and it is not taking a loan. The one the government is taking a loan for is the one of N25,000 multiplied by three months for 15 million households. There is a loan of $800m on this one and the government is adding $400m, making it $1.2bn, which will be used for the conditional cash transfer.

    “But, the other one (cash award to federal civil servants), the government will fund it. So, most likely there will be a supplementary appropriation for that because it is illegal to spend money out of the government budget.”

    National Orientation Agency Page UP
    National Orientation Agency - Down

    Meanwhile, Nigeria has maintained its fourth position on the World Bank’s top 10 International Development Association borrowers’ list.

    This was after moving up from fifth position in the 2022 fiscal year.

    Despite maintaining its fourth position, the country accumulated about $1.3bn debt within a one-year period.

    The World Bank Fiscal Year 2022 audited financial statement showed that Nigeria moved to the fourth position on the list with $13bn IDA debt stock as of June 30, 2022.

    However, the World Bank Fiscal Year 2023 audited financial statement showed that Nigeria owed about $14.3bn IDA debt stock as of June 30, 2023, but maintained its fourth position on the list.

    This newspaper further observed that Bangladesh ($19.3bn) moved up the list to become the topmost IDA debtor, taking over from India ($17.9bn debt), which fell to the second position.

    Pakistan maintained the third position from the last fiscal year with a debt of $16.9bn.

    Nigeria has the highest IDA debt in Africa, while the top three borrowers, Bangladesh, India, and Pakistan, are from Asia.

    Also, in the World Bank 2023 Annual Report, Nigeria was among the top 10 countries that acquired fresh IDA loans this year.

    Cash Transfer FG. Loan
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    World Bank Places Nigeria Behind Libya, Gabon In Income Rankings

    July 10, 2025

    We Sleep With 20 Men Daily – Trafficked Victim Rescued From Katsina Hotel

    July 10, 2025

    Flood: Jigawa Govt Earmarks N4.2bn For Emergency Response

    July 10, 2025

    We Uncovered ‘Mind-Boggling’ Corruption In NNPCL, Asset Tracing Leads To Iceland – EFCC Chairman

    July 9, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    World Bank Places Nigeria Behind Libya, Gabon In Income Rankings

    July 10, 2025

    We Sleep With 20 Men Daily – Trafficked Victim Rescued From Katsina Hotel

    July 10, 2025

    Flood: Jigawa Govt Earmarks N4.2bn For Emergency Response

    July 10, 2025

    The Subsidy Windfall: A Missed Opportunity To Build Human Capital In Northern Nigeria? – By Murtala Adogi Mohammed

    July 10, 2025

    DONE DEAL: Super Eagles’ Forward, Osimhen Tells Napoli To Finalise Galatasaray Transfer

    July 10, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp